WEST VALLEY CITY FAIRBOURNE CRA Granite School District 12/11/2017 - - PowerPoint PPT Presentation

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Dec 12, 2022 34 likes •225 views

West Valley City Redevelopment Agency WEST VALLEY CITY FAIRBOURNE CRA Granite School District 12/11/2017 The Project Community Reinvestment Project Area 34.41 acres 20 Year Term 25% Pass Through to GSD and all other Entities

SLIDE 1

WEST VALLEY CITY FAIRBOURNE CRA

Granite School District

12/11/2017

West Valley City Redevelopment Agency

SLIDE 2

The Project

12/11/2017

 Community Reinvestment Project Area  34.41 acres  20 Year Term  25% Pass Through to GSD and all other Entities  2.5% Administrative Fee  10% Mandatory Housing

West Valley City Redevelopment Agency

SLIDE 3

History

12/11/2017 West Valley City Redevelopment Agency

 Granger Shopping Center built in 1990  Anchored by Staples and Toys R Us  Other Tenants:

 Zions Bank  US Bank  Armed Forces Recruiting Center  Betos  Optometrist office

SLIDE 4

History

12/11/2017 West Valley City Redevelopment Agency

 Staples has closed 350 stores in past 5 years  Toys R Us

 Closed 2 of 3 SL County stores in last 12 months  Filed for Chapter 11 on September 19, 2017

 Desire to create a “downtown” for WVC  Uncertain future of retail viability and new

development opportunities

 Redevelopment in Purest Form and Original Intent

 Replacement of dilapidated improvements with new

development

SLIDE 5

History

12/11/2017 West Valley City Redevelopment Agency

 Final phases in decade long project  Acquisition of hundreds of properties

 This area required acquisition and demolition of several

properties and leases.

 Toys R Us  Staples  Betos  Zions  US Bank  Office

SLIDE 6

History

12/11/2017 West Valley City Redevelopment Agency

 WVC is “ALL IN” on this project area:

 $35 Million Bond for RDA (property acquisition & refi)

 WVC is “ALL IN” in overall City Center Development

 $45 Million Bond for Police Headquarters  $33 Million Bond for Embassy Suites Hotel

SLIDE 7

New Development

12/11/2017

 The Fairbourne Project plan is to have this area

become the Central Business District, or “downtown” for West Valley City. At its completion, it will consist

 325,000 +/- sq ft Class A Office  Structured Parking Garage (publicly owned)  WVC Police Headquarters (publicly owned)  Financial Institution  Additional Future Development

West Valley City Redevelopment Agency

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New Development

12/11/2017 West Valley City Redevelopment Agency

 New Development plans are based on extensive

Market Studies which identified market “gaps” as:

 Class A Office  Hotel  Multi-Family Residential  Limited Ancillary Retail

SLIDE 9

New Investment

12/11/2017

 The Fairbourne CRA development will total over

$152 million of new PRIVATE investment.

 Public Investment would be approximately $28

million.

 Granite School District investment would be

$12,030,772.

West Valley City Redevelopment Agency

SLIDE 10

Property Taxes and Pass Through

12/11/2017  2017 Taxable Value:

$30,918,981

 2040 Taxable Value:

$149,851,107

 GSD 2017 Tax Revenue (Base):

$200,386

 Total GSD Pass Thru @ 25%:

$4,010,257

 AVG per year pass thru:

$200,513

 GSD 2040 Tax Revenue:

$939,888

 Total Investment:

$27,789,023

 GSD:

$12,030,772

 WVC:

$7,857,778

 SLCo:

$6,084,998

West Valley City Redevelopment Agency

SLIDE 11

Uses for Tax Increment

12/11/2017 West Valley City Redevelopment Agency

 Structured Parking

 Multiple parking structures on the project

 Infrastructure

 Utility upgrades  Roadway Improvements

 Bonded Indebtedness  Developer Incentive

SLIDE 12

But For…

12/11/2017 West Valley City Redevelopment Agency

 WVC RDA owns the old Toys R Us and Staples

properties, so some redevelopment is inevitable. However, BUT FOR the assistance of Tax Increment from ALL taxing entities, the planned development will not occur. A lesser development will result in a lower taxable value AND in fewer other redevelopment opportunities for adjacent properties.

SLIDE 13

Fairbourne CRA

Proposed Project Area

12/11/2017 West Valley City Redevelopment Agency

SLIDE 14

Site Plan

12/11/2017 West Valley City Redevelopment Agency

SLIDE 15

Fairbourne Station

12/11/2017 West Valley City Redevelopment Agency

SLIDE 16

Office Tower

12/11/2017 West Valley City Redevelopment Agency

SLIDE 17

Parking Structure and Office Tower

12/11/2017 West Valley City Redevelopment Agency

SLIDE 18

Police Headquarters

12/11/2017 West Valley City Redevelopment Agency

SLIDE 19

Granger Medical

12/11/2017 West Valley City Redevelopment Agency